Retail petrol prices increased by more than 1,400 VND per litre from 4 pm on October 26 following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.
The Vietnam Oil and Gas Group (PetroVietnam) enjoyed impressive production and business results in the first four months of 2021, thanks to its efforts to address bottlenecks to stimulate production and improve governance, besides an increase in oil prices.
Vietnam’s largest refining and petrochemical firm, Binh Son Refining and Petrochemical JSC (BSR), exceeded both of its production and financial targets in the first quarter of this year.
The Vietnam Oil and Gas Group (PetroVietnam) has maintained its good production and business, with many targets overfulfilled, during the first two months of this year.
Vietnam’s largest refining and petrochemical firm, Binh Son Refining and Petrochemical JSC (BSR), has set a target to earn about 864 billion VND (37.45 million USD) in after-tax profit this year.
The Vietnam – Russia oil and gas joint venture Vietsovpetro has reported that its oil and gas production during January-September surpassed the set target in the period.
Throughout its 45-year history of operation, the Vietnam Oil and Gas Group (PetroVietnam) has faced numerous difficulties and challenges, but with the trust and support of the Party and State, the group has weathered all storms to fulfill its mission and contribute greatly to national socio-economic development.
The efforts of the Vietnam National Oil and Gas Group (PetroVietnam) over the past 45 years have affirmed that "real gold does not fear the test of fire" and its employees will endeavor to make more contributions to the national development.
Despite being hit hard by falling oil prices and COVID-19 in the first half of 2020, the Dung Quat Oil Refinery maintained operations via various means and is now ready for the recovery phase in the second half of the year.
With huge inflation pressure on the way in the remaining months of this year, a close watch must be kept on the prices of key products like oil and pork to hit the goal of keeping inflation below 4 percent, experts have said.
Malaysia's foreign direct investment (FDI) increased 3.1 percent to 31.7 billion ringgit last year from 30.7 billion ringgit recorded in 2018, according to the Department of Statistics Malaysia (DOSM).
The PetroVietnam Gas Corporation (PV Gas), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), reported nearly 27.6 trillion VND (1.18 billion USD) in revenue between January and May, more than 6 percent higher than its target for the period.
The Vietnam Oil and Gas Group (PetroVietnam)’s exploited crude oil output in the first four months of 2020 reached 7.2 million tonnes of oil equivalent, exceeding its set target by 7.7 percent, despite difficulties caused by the COVID-19 pandemic and a sharp decrease in oil prices.
Changes in the Indonesia Crude Price (ICP) will have an impact on the State budget deficit of the country in 2020, according to the Indonesian Ministry of Finance.
The plummeting world crude oil prices will not have too great impact on Vietnam’s State budget revenue, said Vo Thanh Hung, head of the State Budget Department under the Ministry of Finance.
The Ministry of Finance will focus on improving the business climate and creating favourable conditions for businesses to accelerate growth, which is important to ensure State budget revenue amid the COVID-19 pandemic's impacts on socio-economic development.
A grim report on the world economy by the International Monetary Fund (IMF) announced on April 15 caused oil prices to continue to slide, with international prices hitting the lowest level since 2002 as planned output cuts were deemed insufficient to offset a COVID-19-fuelled slump in demand.
The Vietnam Oil and Gas Group (PetroVietnam) will continue cutting costs and optimizing all resources while boosting sales to cushion the impact of the COVID-19 pandemic on the oil and gas industry, the group’s recent online meeting heard.
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